Annual report pursuant to Section 13 and 15(d)

Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details)

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Acquisitions and Divestitures - Business Acquisition Pro Forma Information Incremental Items (Details) - USD ($)
 3 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2015
Sep. 30, 2015
Jun. 30, 2015
Mar. 31, 2015
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Business Acquisition [Line Items]                          
Revenues $ 104,064,000 $ 126,228,000 $ 149,066,000 $ 127,907,000 $ 196,677,000 $ 234,521,000 $ 262,994,000 $ 254,516,000     $ 507,265,000 $ 948,708,000 $ 984,088,000
DD&A                     394,071,000 511,102,000 451,529,000
G&A                     73,110,000 86,999,000 81,874,000
Interest expense                     104,592,000 86,922,000 85,639,000
Income tax expense                     (202,984,000) (4,459,000) 28,774,000
Woodside Properties                          
Business Acquisition [Line Items]                          
Revenues                   $ 28,400,000 24,400,000    
Direct operating expenses                   5,500,000 9,500,000    
DD&A                   11,000,000 14,400,000    
Income tax expense                   $ 4,200,000 $ 0    
Woodside Properties | Pro Forma                          
Business Acquisition [Line Items]                          
Revenues [1]                       22,887,000 [2] 62,949,000
Direct operating expenses [1]                       4,417,000 [2] 9,583,000
DD&A [3]                       8,385,000 [2] 20,503,000
G&A [4]                       300,000 [2] 800,000
Interest expense [5]                       330,000 [2] 990,000
Capitalized interest [6]                       (19,000) [2] 165,000
Income tax expense [7]                       3,316,000 [2] 10,818,000
Callon Properties                          
Business Acquisition [Line Items]                          
Revenues                 $ 5,800,000     32,500,000  
Direct operating expenses                 1,300,000     6,600,000  
DD&A                 2,400,000     16,400,000  
Income tax expense                 $ 700,000     $ 3,300,000  
Callon Properties | Pro Forma                          
Business Acquisition [Line Items]                          
Revenues [8],[9]                         34,030,000
Direct operating expenses [8],[9]                         6,405,000
DD&A [9],[10]                         14,931,000
G&A [9],[11]                         (361,000)
Interest expense [9],[12]                         1,383,000
Capitalized interest [9],[13]                         (164,000)
Income tax expense [7],[9]                         $ 4,143,000
[1] Revenues and direct operating expenses for the Woodside Properties were derived from the historical financial records of Woodside.
[2] The adjustments for 2014 are for the period from January 1, 2014 to May 20, 2014.
[3] DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Woodside Properties’ costs, reserves and production into our full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[4] Estimated insurance costs related to the Woodside Properties.
[5] The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $55.0 million, which equates to the cash component of the acquisition purchase price, and an interest rate of 1.8%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
[6] The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. The negative amount represents a decrease to net expenses.
[7] Income tax expense was computed using the 35% federal statutory rate.
[8] Revenues and direct operating expenses for the Callon Properties were derived from the historical financial records of Callon.
[9] The adjustments for 2013 are for the period from January 1, 2013 to the respective property transfer date, all of which occurred in the fourth quarter of 2013.
[10] DD&A was estimated using the full-cost method and determined as the incremental DD&A expense due to adding the Callon Properties’ costs, reserves and production into our currently existing full cost pool in order to compute such amounts. The purchase price allocated to unevaluated properties for oil and natural gas interests was excluded from the DD&A expense estimation. ARO was estimated by W&T management.
[11] G&A adjustments related to incremental transaction expenses, which were assumed to be funded from cash on hand, and were adjusted from the 2013 results.
[12] The acquisition was assumed to be funded entirely with borrowed funds. Interest expense was computed using assumed borrowings of $83.0 million, which equates to the cash component of the transaction, and an interest rate of 2.0%, which equates to the rates applied to incremental borrowings on the revolving bank credit facility.
[13] The change to capitalized interest was computed for the addition to the pool of unevaluated properties and the capitalization interest rate was adjusted for the assumed borrowings. A positive amount represents an increase to net expenses and a negative amount represents a decrease to net expenses.